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Life Insurance Cost Survey Figures correct as at February 2014.

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Presentation on theme: "Life Insurance Cost Survey Figures correct as at February 2014."— Presentation transcript:

1 Life Insurance Cost Survey Figures correct as at February 2014

2 What is life insurance? Life insurance policies pay a lump sum to a person you name (for example, your spouse or dependants) if you die during the term of the policy. See more information on insurance here.here About this survey: This survey displays quotes and benefits on four similar consumer profiles for three types of life insurance – term life insurance, mortgage protection insurance and whole of life insurance from six of the main insurance providers in Ireland. The information in the survey is correct as at 3 rd February 2014. Individual brokers are not included in our cost comparisons. However, competitive quotes can be obtained online, from brokers, and directly from firms, so make sure to shop around. Remember, the cheapest quote may not always represent the most suitable product for your individual circumstances. If you need an explanation of financial terms, such as the benefits attaching to the policy in plain English, make sure to check out our Jargon Buster.Jargon Buster Survey correct as at February 2014

3 Which product are you interested in? Term life insurance This is an insurance policy that pays out a fixed benefit if you die within a certain number of years (the term of the policy). Mortgage protection insurance This is a form of life insurance product, which lenders must make sure you have in place when you take out a mortgage on your family home and if you are under 50 years of age. Your mortgage protection policy pays off the outstanding amount due on your mortgage if you die. Whole of life insurance This type of life insurance policy covers you for your whole life. It pays out a benefit when you die, whenever that happens, as long as the policy is still in force. The benefit is not usually fixed and can vary over the life of the policy depending on the performance of the investment fund used by the policy. Also, your premiums are not fixed and may increase from time to time, for example every 10 years or so. Survey correct as at February 2014

4 Term life insurance details Profile Summaries – Are you here? Survey correct as at February 2014 Consumer profilesDescription Profile 1Monthly cost of 350,000 over 35 years for someone aged 23. Profile 2Monthly cost of 250,000 over 25 years for someone aged 33. Profile 3Monthly cost of 190,000 over 15 years for someone aged 45. Profile 4Monthly cost of 120,000 over 10 years for someone aged 50.

5 Term life insurance - Profile 1 quotes Monthly cost of 350,000 over 35 years for someone aged 23 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Please note that each dual quote in the table assumes that both people are the same age. Survey correct as at February 2014 Individual non-smoker Individual smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Aviva25.1241.3039.9273.1544.8779.09 Caledonian Life23.6038.6041.3068.8943.8273.22 Friends First22.3835.6236.0964.2936.7765.55 Irish Life24.0738.74n/a 39.8367.71 New Ireland22.8039.4335.0364.0737.0767.81 Zurich23.1236.7437.0265.9537.9267.59 Back to term life insurance profilesForward to profile 1 benefits

6 Term life insurance - Profile 1 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illness Accidental death Guaranteed insurability Childrens protection Free nurse assist 24/7 Womens health centre helpline Counselling service when making a claim Medical second opinion Long term care conversion Reinstatement clause Back to term life insurance profiles

7 Term life insurance - Profile 2 quotes Monthly cost of 250,000 over 25 years for someone aged 33 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Please note that each dual quote in the table assumes that both people are the same age. Survey correct as at February 2014 Individual non-smoker Individual smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Aviva23.2438.6636.2067.9441.7973.56 Caledonian Life20.4236.7235.4565.4437.6069.54 Friends First19.4734.3735.1063.8635.7765.11 Irish Life22.9539.13n/a 37.6968.44 New Ireland22.9740.6235.3166.1637.3769.99 Zurich19.8935.1035.6664.8736.5266.46 Back to term life insurance profilesForward to profile 2 benefits

8 Term life insurance - Profile 2 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illness Accidental death Guaranteed insurability Childrens protection Free nurse assist 24/7 Womens health centre helpline Counselling service when making a claim Medical second opinion Long term care conversion Reinstatement clause Back to term life insurance profiles

9 Term life insurance - Profile 3 quotes Monthly cost of 190,000 over 15 years for someone aged 45 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Please note that each dual quote in the table assumes that both people are the same age. Survey correct as at February 2014 Individual non-smoker Individual smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Aviva32.8964.6655.62118.4959.94125.82 Caledonian Life32.4663.4757.61114.6661.21121.97 Friends First28.9957.4451.61108.1552.61110.31 Irish Life33.4063.29n/a 57.55114.35 New Ireland35.3070.5756.84118.4360.16125.32 Zurich30.5360.7154.17113.6155.49116.45 Back to term life insurance profiles Forward to profile 3 benefits

10 Term life insurance - Profile 3 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illness Accidental death Guaranteed insurability Childrens protection Free nurse assist 24/7 Womens health centre helpline Counselling service when making a claim Medical second opinion Long term care conversion Reinstatement clause Back to term life insurance profiles

11 Term life insurance - Profile 4 quotes Monthly cost of 120,000 over 10 years for someone aged 50 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Please note that each dual quote in the table assumes that both people are the same age. Survey correct as at February 2014 Individual non-smoker Individual Smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Aviva33.6063.3952.47111.3261.93122.15 Caledonian Life29.9658.2453.00105.0356.30111.72 Friends First26.8852.9646.1794.7647.0696.64 Irish Life31.2959.87n/a 53.53107.85 New Ireland32.0165.0851.11108.8654.08115.20 Zurich27.6454.8047.5399.6848.6899.67 Back to term life insurance profilesForward to profile 4 benefits

12 Term life insurance - Profile 4 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illness Accidental death Guaranteed insurability Childrens protection Free nurse assist 24/7 Womens health centre helpline Counselling service when making a claim Medical second opinion Long term care conversion Reinstatement clause Back to term life insurance profiles

13 Mortgage protection insurance details Profile Summaries – Are you here? Survey correct as at February 2014 Consumer profilesDescription Profile 1Monthly cost of 350,000 over 35 years for someone aged 23. Profile 2Monthly cost of 250,000 over 25 years for someone aged 33. Profile 3Monthly cost of 190,000 over 15 years for someone aged 45. Profile 4Monthly cost of 120,000 over 10 years for someone aged 50.

14 Mortgage protection insurance - Profile 1 quotes Monthly cost of 350,000 over 35 years for someone aged 23 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Survey correct as at February 2014 Individual non-smoker Individual Smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Aviva22.0628.5328.6742.40n/a Caledonian Life19.5325.9332.1143.23n/a Friends First14.7123.6522.8739.05n/a Irish Life16.2427.7023.8943.27n/a New Ireland18.3329.0926.6845.39n/a Zurich15.4225.5324.6942.04n/a Back to mortgage protection insurance profilesForward to profile 1 benefits

15 Mortgage protection insurance - Profile 1 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illness Accidental death Guaranteed insurability Childrens protection Free nurse assist 24/7 Womens health centre helpline Medical second opinion Reinstatement clause Back to mortgage protection insurance profiles

16 Mortgage protection insurance - Profile 2 quotes Monthly cost of 250,000 over 25 years for someone aged 33 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Survey correct as at February 2014 Individual non-smoker Individual smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Aviva20.0029.3626.6947.37n/a Caledonian Life16.1127.1726.1645.40n/a Friends First14.5626.0223.3341.79n/a Irish Life17.3729.0825.7945.60n/a New Ireland18.4331.3326.8549.25n/a Zurich14.9626.6423.8842.71n/a Back to mortgage protection insurance profiles Forward to profile 2 benefits

17 Mortgage protection insurance - Profile 2 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illness Accidental death Guaranteed insurability Childrens protection Free nurse assist 24/7 Womens health centre helpline Medical second opinion Reinstatement clause Back to mortgage protection insurance profiles

18 Mortgage protection insurance - Profile 3 quotes Monthly cost of 190,000 over 15 years for someone aged 45 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Survey correct as at February 2014 Individual non-smoker Individual smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Aviva23.1447.5035.1983.04n/a Caledonian Life24.8746.4041.4078.85n/a Friends First19.5442.3729.2571.64n/a Irish Life24.2349.5337.4080.21n/a New Ireland24.4349.7937.0780.98n/a Zurich20.7345.1033.8576.73n/a Back to mortgage protection insurance profiles Forward to profile 3 benefits

19 Mortgage protection insurance - Profile 3 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illness Accidental death Guaranteed insurability Childrens protection Free nurse assist 24/7 Womens health centre helpline Medical second opinion Reinstatement clause Back to mortgage protection profiles

20 Mortgage protection insurance - Profile 4 quotes Monthly cost of 120,000 over 10 years for someone aged 50 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Survey correct as at February 2014 Individual non-smoker Individual smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Aviva25.1945.4335.7075.08n/a Caledonian Life21.7341.2735.9469.94n/a Friends First17.3538.1427.9964.90n/a Irish Life23.2442.2735.7367.91n/a New Ireland21.4644.0932.0071.16n/a Zurich17.9739.8229.1068.25n/a Back to mortgage protection insurance profiles Forward to profile 4 benefits

21 Mortgage protection insurance - Profile 4 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illness Accidental death Guaranteed insurability Childrens protection Free nurse assist 24/7 Womens health centre helpline Medical second opinion Reinstatement clause Back to mortgage protection insurance profiles

22 Whole of life insurance details Profile Summaries – Are you here? Survey correct as at February 2014 Consumer profilesDescription Profile 1Monthly cost of 350,000 for someone aged 23. Profile 2Monthly cost of 250,000 for someone aged 33. Profile 3Monthly cost of 190,000 for someone aged 45. Profile 4Monthly cost of 120,000 for someone aged 50.

23 Whole of life insurance - Profile 1 quotes Monthly cost of 350,000 for someone aged 23 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Please note that each dual quote in the table assumes that both people are the same age. Survey correct as at February 2014 Individual non-smoker Individual smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Avivan/a Caledonian Lifen/a Friends First211.84245.35249.43305.38406.86480.30 Irish Life150.44203.17205.69278.45295.83401.28 New Irelandn/a Zurichn/a Back to whole of life insurance profiles Forward to profile 1 benefits

24 Whole of life insurance - Profile 1 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illnessn/a n/a Accidental deathn/a n/a Guaranteed insurabilityn/a n/a Possible surrender valuen/a n/a Free nurse assist 24/7n/a n/a Womens health centre helpline n/a n/a Medical second opinionn/a n/a Reinstatement clausen/a n/a Back to whole of life insurance profiles

25 Whole of life insurance - Profile 2 quotes Monthly cost of 250,000 for someone aged 33 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Please note that each dual quote in the table assumes that both people are the same age. Survey correct as at February 2014 Individual non-smoker Individual smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Avivan/a Caledonian Lifen/a Friends First218.42253.96258.19318.44424.46499.74 Irish Life157.72202.61215.73277.68310.38400.17 New Irelandn/a Zurichn/a Back to whole of life insurance profilesForward to profile 2 benefits

26 Whole of life insurance - Profile 2 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illnessn/a n/a Accidental deathn/a n/a Guaranteed insurabilityn/a n/a Possible surrender valuen/a n/a Free nurse assist 24/7n/a n/a Womens health centre helpline n/a n/a Medical second opinionn/a n/a Reinstatement clausen/a n/a Back to whole of life insurance profiles

27 Whole of life insurance - Profile 3 quotes Monthly cost of 190,000 for someone aged 45 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Please note that each dual quote in the table assumes that both people are the same age. Survey correct as at February 2014 Individual non-smoker Individual smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Avivan/a Caledonian Lifen/a Friends First272.57323.22329.83446.99522.40634.88 Irish Life176.49264.49241.64363.08347.93523.93 New Irelandn/a Zurich167.22280.12221.70393.11331.91557.72 Back to whole of life insurance profiles Forward to profile 3 benefits

28 Whole of life insurance - Profile 3 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illnessn/a n/a Accidental deathn/a n/a Guaranteed insurabilityn/a n/a Possible surrender valuen/a n/a Free nurse assist 24/7n/a n/a Womens health centre helpline n/a n/a Medical second opinionn/a n/a Reinstatement clausen/a n/a Back to whole of life insurance profiles

29 Whole of life insurance - Profile 4 quotes Monthly cost of 120,000 for someone aged 50 Policies are listed as individual rather than male or female as insurance companies can no longer price your life insurance based on your gender from 21st December 2012. Joint life policies pay out the sum assured if one person dies within the term of the policy. The policy then ends. Please note that each joint quote in the table assumes that both people are the same age. Dual life policies provide cover for two people and continue in force after the first person dies. It pays out a benefit on each death provided the policy is in force. Please note that each dual quote in the table assumes that both people are the same age. Survey correct as at February 2014 Individual non-smoker Individual smoker Joint life non-smokers Joint life smokers Dual life non-smokers Dual life smokers Avivan/a Caledonian Lifen/a Friends First219.07269.96277.12382.62428.64534.08 Irish Life144.63213.51197.68292.72284.22421.96 New Irelandn/a Zurich143.66241.82187.92330.48284.80481.13 Back to whole of life insurance profilesForward to profile 4 benefits

30 Whole of life insurance - Profile 4 benefits A summary of the benefits available as standard Survey correct as at February 2014 AvivaCaledonian Life Friends First Irish LifeNew Ireland Zurich Terminal illnessn/a n/a Accidental deathn/a n/a Guaranteed insurabilityn/a n/a Possible surrender valuen/a n/a Free nurse assist 24/7n/a n/a Womens health centre helpline n/a n/a Medical second opinionn/a n/a Reinstatement clausen/a n/a Back to whole of life insurance profiles


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